Australian dollar dives towards a new low against the Singdollar
The Australian dollar has dropped further against the Singapore dollar, pointing towards an all-time low of 1.25, a rate never seen before since September 2001 when it hits 1.18 according to Investing.com.
The AUD has plummeted amid ongoing concern regarding the coronavirus pandemic and could sink further as it takes its toll on the economy.
The historical rates of the SGD/AUD pair from fxtop.com shows it briefly hits 1.18 in 2001 before the AUD started to recover and appreciate against the Singdollar going as high as 0.74:
The Reserve Bank of Australia (RBA) is set to announce measures later today (19 Mar) and could cut interest rates to stimulate growth.
In 2012, S$10,000 can only get you about AUD7,400 — a lot lesser than what the Singdollar is worth today where S$10,000 can get you AUD12,500. It can be good news for those who are planning for a vacation or studying abroad in the Down Under after the pandemic.